By ZHA Qinjun
Education group New Oriental has unveiled its financial results for the latest quarter showing US$1.1 billion (8 billion yuan) in revenue, a 47.7 percent year-on-year increase, and US$165 million in net income, 150 percent year-on-year growth. Operating costs and expenses increased 34.2 percent to US$895 million, primarily due to investments in live streaming.
YU Minhong, New Oriental's Executive Chairman, emphasized the contribution of new educational initiatives including subjects like art and calligraphy, with an enrollment of 438,000 students in the quarter.
The company also provides learning materials for tablets and educational platforms. Its traditional strengths in overseas test tutoring also showed robust growth.
East Buy, a live-streaming e-commerce venture, generated 4.5 billion yuan (US0 million) in revenue, with net income reaching 971 million yuan.
For a membership fee of 199 yuan, members can enjoy a 12 percent discount on all East Buy's private label products and other discounts. One can also ask for a refund if they don’t shop much on the platform, but it is not only more expensive than major e-commerce platforms but also offers fewer preferential terms.
For example, Taobao's 88VIP membership costs as little as 88 yuan when certain requirements are met. In addition to exclusive discounts on Taobao, it provides memberships of other popular entertainment platforms like Netease Music and Ele.me, offering many the best value for money.
